Weekly Freight Recap: 20/11/25
Nov 20, 2025
Overview
The dry bulk market showed a steady but uneven performance, with Handysize activity quiet, Supramax maintaining a firm underlying tone, and Panamax supported by stronger fundamentals in both basins. The Atlantic remained broadly stable, supported by positional tightness in some regions, while the Pacific held steady despite lighter fixing. Period and voyage activity continued across segments, reflecting balanced supply and demand dynamics.
Handysize
The Handysize segment experienced a quiet trading day, with sentiment broadly flat and fundamentals unchanged. The BHSI closed at 820, and the 7TC average eased slightly to $14,759. The Continent and Mediterranean remained steady, supported by fresh enquiry and limited prompt tonnage, while the South Atlantic and U.S. Gulf stayed quiet with limited activity and flat rates. In Asia, the market held a balanced but subdued tone, with steady rates amid slower trading. Reported activity included a Morocco–Far East trip and short-haul Asian movements involving grains and slag.
Supramax
Supramax fundamentals remained stable, with the BSI at 1,430 and the 11TC average at $18,080. The Atlantic experienced a mostly flat day, with slight softening in the U.S. Gulf as additional tonnage and ballasters weighed on sentiment, while the South Atlantic and Continent–Mediterranean remained positional. In Asia, supply and demand stayed balanced, and owners continued showing preference for NOPAC routes due to firmer returns. Fixtures included scrap, petcoke, and grain runs in the Atlantic, and coal, Indonesia–India, and Durban–China trips in the Pacific.
Panamax
The Panamax sector remained supported by firm conditions in the North Atlantic, driven by tight prompt tonnage and stronger fronthaul demand. Shorter-duration business traded at improved levels, reflecting elevated expectations. In the Pacific, Indonesian rounds remained active, while Australia and NOPAC trades held steady. The BPI timecharter average rose to $17,057. Fixtures included U.S. East Coast fronthaul trips, India-bound voyages, Indonesian rounds, and NOPAC continuation runs. Despite some softer tones in parts of the basin, improving spot indicators and South Atlantic tightness signalled a steady underlying trend.
Regional Pulse
Atlantic Basin
Continent–Mediterranean steady for Handysize and Supramax
U.S. Gulf softer for Supramax but steady for Handysize
South Atlantic quiet for Handysize, steady for Supramax
Panamax supported by fronthaul activity and tight tonnage
Pacific Basin
Handysize stable but subdued across Asia
Supramax steady, supported by NOPAC interest
Panamax active on Indonesian rounds; Australia/NOPAC stable
Handysize-Specific Notes
Continent–Mediterranean firming slightly on enquiry
South Atlantic and U.S. Gulf quiet with limited activity
Asia balanced but slow, keeping rates flat
Geopolitical & Security Developments
EU Naval Forces Respond to Tanker Hijacking off Somalia European naval forces rescued 24 crew members from a Maltese-flagged tanker seized by Somali pirates off East Africa. The crew sheltered in the vessel’s citadel while attackers briefly controlled the ship. Increased vessel diversion away from the Red Sea has contributed to renewed piracy risks, with several hijackings reported over the past year.
Panama Rejects U.S. Claims on Free Canal Transit for Government Vessels The Panama Canal Authority denied statements from the U.S. State Department that American government vessels would transit the canal without paying fees. While Panama rejected reports of fee changes, it signalled willingness to continue dialogue. The development follows rising political tension, with U.S. officials criticising canal tolls and suggesting the possibility of reclaiming control if negotiations fail.
Outlook
North and South American grain flows expected to shape Panamax direction
U.S. Gulf Supramax pressure may persist amid growing tonnage
Pacific activity dependent on Indonesian, Australian, and NOPAC cargo flows
Geopolitical disruptions around East Africa and Panama may affect broader logistics
Weekly Recaps
Freight
Freight Recap:
11/12/25
Dec 11, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
01-05/12/25 Agri
Dec 08, 2025
USDA announced no new flash sales, disappointing soybean markets. Weekly export sales remain delayed and have not yet reached the period covering the US–China trade deal, leaving the true pace of buying uncertain. CBOT corn and wheat eased, while March MATIF wheat posted small gains after finding support at intraday contract lows. ABARES raised Australia’s 2025/26 wheat, barley, and canola output, though the increases were broadly in line with expectations. Algeria’s OAIC issued a soft wheat tender for February shipment, and Russian wheat prices slipped again, with 12.5% FOB for January at $227/t.
Freight
Freight Recap:
04/12/25
Dec 04, 2025
The dry bulk market saw a generally mixed performance, with Handysize remaining supported in the Atlantic, Supramax showing uneven movement across regions, and Panamax continuing its correction as rising vessel supply weighed on sentiment. Atlantic dynamics were split between firmer US Gulf/US East Coast activity in the smaller segments and softer conditions for Panamax. In the Pacific, muted enquiry and longer lists contributed to a softer tone, especially in NoPac, though isolated strength persisted in Australian coal.
Commodities
Agri- Commodities:
24-28/11/25 Agri
Dec 01, 2025
Wheat opened the week lower after Saudi Arabia’s tender came in sharply priced, while soybeans and corn also finished slightly weaker. Market reaction to the Trump–Xi call remained muted, particularly for soybeans, where repeated political signals have not delivered the expected demand. Saudi Arabia’s GFSA bought 300k tons of wheat for March–April arrival at $257.96–$259.74/t CnF, roughly $5–$5.50 below the previous tender, with February slots skipped. Russian 12.5% protein wheat eased by $1 to $228/t FOB according to IKAR, and MARS reported that winter-cereal sowing in Europe is largely complete under mostly favorable conditions. US winter wheat conditions improved to 48% good/excellent, two points above the five-year average.
USDA confirmed private sales of 123k tons of US soybeans to China, bringing known 25/26 sales to 1.94 mmt, with an additional 0.62 mmt sold to “unknown” since October. Weekly US export inspections showed 799k tons of soybeans, 1,632k tons of corn, and 475k tons of wheat. No soybeans were shipped to China, leaving total inspections well behind last year’s levels.
